Exercise C-7 (Algo) Calculate the present value of a single amount (LO C-3) You have entered into an agreement for the purchase of land. The agreement specifies that you will take ownership of the land immediately. You have agreed to pay $56,000 today and another $56,000 in three years. Calculate the total cost of the land today, assuming a discount rate of (a) 4%, (b) 6%, or (c) 8%. (FV of $1, PV of $1, FVA of $1, and PVA of $1 ) (Use tables, Excel, or a financial calculator. Round your answers to 2 decimal places.)